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How to Expedite the 1040 Review Process and Remove the Reviewer Bottleneck

  • AFSP
  • CPA (US)
  • EA
  • Tax Preparer
  • CTEC
1040 Review Process

1 Credit

FREE

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit of Taxes for all CPAs

1 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00653-21-O)

1 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0619)

1 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

1 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00653-21-O)

1 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-T-00653-21-O)

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Course Description

For the second year in a row, tax season has been brutal.  With legislation changing mid-season and additional PPP loan opportunities requiring your attention, the workload was amplified…again. Add to it the pressure of finding time in your day to sell advisory services to clients and have high value conversations.

The stakes are high.

Tax season is THE best time to gain new business when you have your clients’ attention, yet you are literally buried in work.

There has been much emphasis in recent years on streamlining the 1040 preparation process. With more firms scanning and auto-populating returns, and even outsourcing them, much of the front-end preparation can be done very quickly. On the backend of the process, delivery and signatures have also been automated.

Despite automation on the front end and back end of the tax workflow, partners and senior advisors are still spending dozens of hours during tax season on detailed 1040 reviews. Hours that could be more profitable if spent on higher value client engagements.

The review bottleneck can be eliminated.

Every return must be double-checked and put through some level of quality control before final sign off. In most firms, managers and partners (the highest billing rates in the firm) are doing cursory (if the return is simple) or detailed reviews before finalizing. In a profession that is in the midst of a shift from compliance to advisory services and facing a talent gap, workflow efficiency and the acceleration of development are critical success factors for firms.

CPAs and tax practitioners must have the bandwidth for higher value client engagements, but the traditional review process of manually ticking, tying and recalculating is time-consuming, expensive, and a bottleneck in many firms.

The review process has evolved beyond checklists and manually double-checking inputs. In this online CE course, we will explore how to set expectations and leverage tools, technology, and talent to alleviate the bottleneck and liberate partners from detailed 1040 reviews, adding bandwidth for a successful transition to advisory services.

Learning Objectives

  • To describe how you can turn the 1040 review into a revenue generating advisory opportunity.
  • To describe how to offload the detail 1040 review from partners and managers and increase senior level bandwidth.
  • To determine the opportunity cost of 1040 reviews in your firm.
  • To identify a process and tools for reviewing 1040 returns efficiently.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Annual Filing Season Program
  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Public Accountant
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Senior Accountant
  • Tax Attorney
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Testimonial

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(
    [average] => 4.2562
    [no_of_record] => 121
)
 

4.3

(121)
45%
42%
7%
4%
2%

KN

good exerience

KT

It was great!

PWF

I don't review a lot of 1040's, but I still enjoyed the program.

IV

The lecture is well prepared by the knowledgeable speakers

MB

excellent

DP

I work for a very small office, but I liked the ideas for someone in a larger office. We already use peer review on nearly 100% of all returns prepared